Tuesday, January 05, 2016 11:36:30 AM
ARSC Negotiates Debt to Equity Conversion
Cuts Debt on Balance Sheet by Over $2.1 Million
HOUSTON, TX / ACCESSWIRE / November 30, 2015 / American Security Resources Corp. ("ARSC") ("the Company") (OTC PINK: ARSC) announced today that it has reached agreement with holders of more than $2,100,000 of its debt to exchange their obligations for the Company's $2.50 Convertible Preferred Stock.
"We will complete the swap of the debt for convertible preferred shares before year end so the reduction of debt and increase in equity will be reflected in our 2015 10-K," states Frank Neukomm, CEO of ARSC. "This is a boost to our shareholders and an endorsement by these debt holders of our current business plans. We have reduced debt and interest expense, increased shareholders’ equity and done it in a way that doesn’t dilute our common shareholders," concluded Neukomm.
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